Define the value of marginal product

Assignment Help Microeconomics
Reference no: EM13172978

1. If a firm, Best Computer Buys, requires its customers to buy software from it whenever the customers purchase a computer, the company's policy is called

a. a tying arrangement.

b. predatory pricing.

c. an exclusive deal.

d. pricing discrimination.

e. a territorial confinement.

2. _______ is an agreement between a manufacturer and a distributor on the price at which a product will be resold.

a. Resale price maintenance

b. A tying arrangement

c. Price discrimination

d. Predatory pricing

e. Price fixing

3. In an oligopoly, there are

a. few firms and barriers to entry.

b. few firms and no barriers to entry.

c. many firms and no barriers to entry.

d. barriers to entry and only one firm.

e. many firms and barriers to entry.

4. In the labor market,

a. households demand labor.

b. firms supply labor.

c. wage are determined only by firms alone.

d. firms demand labor.

e. None of the above answers is correct.

5. Which of the following methods is used by unions to increase the demand for the labor of its members?

a. Support laws that increase immigration into the country

b. Support minimum wage laws

c. Decrease demand for the good produced

d. Support free trade

e. Decrease the marginal product of union members

6. As the wage rate rises, the quantity of labor an individual supplies

a. decreases at all wage rates.

b. initially increases at low wage rates and then decreases at high wage rates.

c. initially decreases at low wage rates and then increases at high wage rates.

d. does not change.

e. increases at all wage rates.

7. The value of marginal product is equal to the

a. change in total revenue from selling one more unit of product.

b. additional revenue from selling one more unit of the product.

c. additional cost of hiring one more unit of a factor of production.

d. change in revenue from hiring one more unit of a factor of production.

e. change in total cost when one more unit of the product is produced.

8. The rule for employing a profit-maximizing amount of labor is to continue to hire additional workers until the additional worker's value of marginal product is

a. equal to the price of the product.

b. less than the price of the product.

c. equal to the wage rate.

d. less than the wage rate.

e. greater than 1.

Reference no: EM13172978

Questions Cloud

State what is the qsp when two solutions are initially mixed : Will a precipitate of Cu(OH)2 form when 18.00 mL of 0.010 M NaOH is added to 1.000 L of 0.010 M CuCl2
Start precipitation of cu in copper chloride solution : What [OH-] is necessary to start precipitation of Cu(OH)2 in a 0.0014 M copper(II) chloride solution?
State argon gas are held seperate chambers : Two seperate samples of argon gas are held seperate chambers connected with a valve in the middle. Chamber A has a bolume of 2.00 L, and contains 120 g of Ar at 650 K
Latest financial statement of your slp company : Latest financial statement of your SLP company (Apple Inc) to compute the measuements and reflect on the advantages and disadvantages of these performance measures. Choose your preferred measure and explain your rationale.
Define the value of marginal product : Which of the following methods is used by unions to increase the demand for the labor of its members? what is an agreement between a manufacturer and a distributor on the price at which a product will be resold.
State the recycling plant to resume operations : Assuming that the water is contaminated, devise a method for disposing of the contaminated water without contaminating the environment, but allowing the recycling plant to resume operations as soon as possible.
Prepare the statement of changes in net position : Prepare the Statement of Changes in Net Position of the Flood Control Commission for the month ended October 31, 2011 and prepare the Statement of Budgetary Resources of the Flood Control Commission for the month ended October 31, 2011.
What is the animals initial radiation exposure in curies : what is the animals initial radiation exposure in curies? b) if all of the energy from the emitted alpha particles is absorbed by the animals tissues, and if the energy of each emission
State how many grams of sodium lactate : How many grams of sodium lactate (NaC3H5O3 ) should be added to 1.46 L of 0.150 M lactic acid (HC3H5 O3, Ka = 1.4 x 10-4) to form a buffer solution with pH = 4.12

Reviews

Write a Review

 

Microeconomics Questions & Answers

  What annual rate of return did the team make

What is the bond coupon rate on a $25,000 mortgage bond that has semiannual interest payments of $ 1250 and a 20-year maturity date?

  Calculate her utility maximizing choice of food and clothing

Calculate her utility maximizing choice of food and clothing and calculate the level of utility her optimal consumption bundle gives to her.

  Supply and demand diagrams

Describe each of the subsequent using supply and demand diagrams.

  Functions of short run average variable and marginal cost

Determine the short run average variable cost and the marginal cost functions. Determine the output level that minimizes short run average variable costs

  Perfect competitive market for mnc

Draw the diagram showing the cost structure of price taker and a market price well above minimum average cost. Given that any firm is price taker, how can a firm capture any economic rent (profits in excess of opportunity cost of capital)?

  Opec conflicting motives

Why were the members of OPEC trying to agree to cut production? Why do you suppose OPEC was unable to agree on cutting production? Why did the oil market go into 'turmoil' as a result?

  Structure of oligopolistic market

From an economist standpoint, why might there be more research, development, and innovation occuring in oligopolistic market structure than in any other?

  Marxs transformation problem

There is an inherent tendency in industry to substitute labor with fixed capital and employers can compel workers to produce more than the value of their labor.

  Inter-temporal production possibilities

Determine which of the following nations would you expect to have intertemporal production possibilities biased toward current consumption goods,

  How information systems are changing several aspects

Explain how data systems are changing several aspects of the accounting profession. Include a description of a variety of new technologies and their effects on accounting processes.

  Distinguish oligopoly from monopolistic competition

Describe how price regulation may improve the performance of monopolies. In your answer distinguish between socially optimal pricing and fair return pricing.

  Law of supply-sunrise surf shop

Sunrise Surf Shop is willing to produce 30 surfboards in the month if it can sell each board for $300. If it can receive $500 for each board, the shop is willing to manufacture 70 surfboards.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd